Yangon’s property market has reversed from a sales slump, Myanmar Real Estate Services Association (Central).
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The prices of apartments and mini-condominiums are rising in Yangon’s real estate market. Although the market seems to pull back, there are buyers looking into the purchase. Therefore, the market has recovered.
“The Yangon real estate market experienced an abrupt halt of high-storey building purchases due to the Mandalay Earthquake’s negative consequences. The price slumps even occurred in certain areas. The agents brought sales back on track at the end of May. The pace of increase has slowed. The prices vary depending on the townships. There was widespread news of the frozen apartment market in Yangon, but it turned out to be wrong. Prices of plots of land are also stable,” said U Myo Myint Aung, general secretary of the Myanmar Real Estate Services Association (Central).
The prices of apartments range from K100,000 to K200,000 per square metre, while condominium unit prices with elevators are K200,000-K300,000 per square metre, depending on floor and location.
The 40 feet by 60 feet plots of land in Dagon Myothit (East) and Dagon Myothit (North) townships fetched a high price of K30 million to K3,000 million, depending on the locations.
The property rental market is also active in Yangon. The rent is increasing every six months. — ASH/KK
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